Small business was again witnessed on the cotton market on Saturday as spinners were conspicuous by their absence, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In the ready session, approximately, 3664 bales of cotton were available at Rs 7600 (conditional), they said.
Prices of seed cotton in Sindh are available at Rs 3900-4100, they said. Cotton analyst, Naseem Usman said that higher trend in the international market, helping prices to maintain firm posture in the local market. He also said that China to import nearly 60 lac bales of cotton from other countries to meet demand.
Other brokers said that sowing is continuing in the cotton belt in both Sindh and Punjab, pre-monsoon may be beneficial for the standing crop. Cotton prices went up in the Indian and Chinese markets, they said.
Adds Reuters: ICE cotton futures edged lower on Friday, after hitting an over six-year high earlier in the session, as traders remained cautious ahead of a monthly federal crop supply and demand report next week. The most active cotton contract on ICE Futures US, the third-month December contract, settled down 0.19 cent, or 0.20 percent, at 92.60 cents per lb. The third month contract traded within a range of 92.29 and 94.82 cents a lb, a peak since March 2012.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 08-06-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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